Hi
I'm not so sure it's Penguin because as a whole the site hasn't been hit, in fact organic traffic to the site has grown. The problem stems around a small hub of parcel related pages. The drop first happened when we changed these to affiliate pages; we then removed the affiliate links as detailed in my original question and tried various other ploys all to no avail. When you say we have a load of exact match keyword phrases in our on site anchor text you're not implying that this is somehow a bad thing?? Surely Google can't penalise for giving good on-site navigation??
